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AICPA Offers Advice to Nonprofit Accounting Staff

The American Institute of Certified Public Accountants (“AICPA”) is offering nonprofit accounting staff members tips on how it should approach the latest accounting standards updates and newly signed tax reform. The tips are aimed to help how nonprofits select new board members, manage significant projects, prepare for the annual audit, and address tax compliance. Check out the AICPA’s four tips for nonprofit accounting staff on its AICPA Insights blog.

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AICPA Committee Updates Independence Rule Interpretations

The American Institute of Certified Public Accountants’ (“AICPA”) Professional Ethics Executive Committee (“PEEC”) has updated Interpretations under its Independence Rule. The revised Interpretations include the following: Entities Included in State and Local Government Financial Statements (ET sec. 1.224.020) Simultaneous Employment or Association With an Attest Client (ET sec. 1.275.005) Member of a Credit Union (ET sec. 1.280.040) Actual or Threatened Litigation (ET sec. 1.290.010) General Requirements for Performing Nonattest Services (ET sec. 1.295.040) Bookkeeping, Payroll, and Other Disbursements (ET sec. 1.295.120) Executive or Employee Recruiting (ET sec. 1.295.135) Forensic Accounting (ET sec. 1.295.140) Internal Audit (ET sec. 1.295.150) Application of. Read More.

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FinREC Proposes Industry-Specific Implementation Guidance for Revenue Standard

Five working drafts have been issued to help several industries implement Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers, by the Financial Accounting Standards Board. The working drafts were published earlier this month and are as follows: Healthcare Industry: Health Care Entities Revenue Recognition Implementation Issue #8-10: Performance Obligations Telecommunications Industry: Telecommunications Revenue Recognition Implementation Issue #15-6: Impact of Enforceable Rights and Obligations on Contract Term Nonprofits Industry: Not-for-Profit Revenue Recognition Implementation Issue #11-5: Not-for-Profit Subscriptions and Membership Dues Time-Share Industry: Time-Share Revenue Recognition Implementation Issue #16-8: Allocating the Transaction Price & Transfer of Control and Time-Share Revenue Recognition Implementation Issue #16-10: Contract Costs Produced by the American Institute of Certified Public Accountants’ Financial Reporting Executive Committee (“FinREC”), the proposed guidance will become part of the next version of the Audit and Accounting Guide: Revenue Recognition. Comments on the working drafts are due February 1, 2018.

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New AICPA Technical Questions and Answers Issued

The American Institute of Certified Public Accountants (“AICPA”) recently issued a new Technical Question and Answer (“TQA”) and amendments for TQA Section 2220, Long-Term Investments. The new TQA, Section 2220.28, Definition of Readily Determinable Fair Value and Its Interaction With the NAV Practical Expedient, features amendments to TQA section 2220.18, “Applicability of Practical Expedient.” It eliminates TQA section 2220.24, “Disclosures—Ability to Redeem Versus Actual Redemption Request” and TQA section 2220.25, “Impact of ‘Near Term’ on Categorization Within Fair Value Hierarchy.” Section 2220.28 also offers guidance in understanding and applying the Financial Accounting Standards Board (“FASB”) FASB Master Glossary definition “readily. Read More.

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AICPA Board Proposes Three Auditing Standards

The American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board recently issued the following exposure drafts of Proposed Statements on Auditing Standards (“SASs”): Proposed Statements on Auditing Standards, Auditor Reporting and Proposed Amendments―Addressing Disclosures in the Audit of Financial Statements:  The Exposure Draft proposes amendments converge the AICPA auditor reporting standards with standards of the International Standard on Auditing by the International Auditing and Assurance Standards Board (“IAASB”). The proposed changes address: Forming an Opinion and Reporting on Financial Statements; Communicating Key Audit Matters in the Independent Auditor’s Report; Modifications to the Opinion in the Independent Auditor’s Report; and. Read More.

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AICPA Issues Enhancing Audit Quality Report

Highlighting this year’s significant achievements to improve audit quality, the American Institute of Certified Public Accountants (“AICPA”) recently issued Enhancing Audit Quality: 2017 Highlights and Progress (“Report”). The Report lists major accomplishments in areas such as peer review, single audits, and quality control. Separately, the Report addresses evolving talent needs and includes sections concerning the Uniform CPA Examination and Valuation credentials. Download Enhancing Audit Quality: 2017 Highlights and Progress at AICPA.org.

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